What Happens If You Die Without A Will?
In her Article about Wills, Julie Garber points out what happens if you do not make a will before you die.
If you die without a will, your estate will be divided up based on the intestacy laws of the state where you live at the time of your death and the intestacy laws of any other state where you own real estate or tangible personal property.
Many times the intestacy laws will give different results from what you would have wanted had you taken the time to make a Will. And if you own real estate or tangible personal property outside of your home state, then you could have two different sets of beneficiaries of your estate.
For example, In Florida, if you’re survived by a spouse and children from the marriage, then your spouse takes the first $60,000 plus 1/2 of the remaining balance and your children share equally in what’s left. But using the same facts in Virginia, your spouse will inherit 100% and your children will receive nothing.
Use the same set of facts, except that your children are from a different spouse. In Florida, your current spouse will inherit 1/2 and your children will share equally in the remaining 1/2, while in Virginia your current spouse will inherit 1/3 and you children will share equally in the remaining 2/3.
The examples illustrate what a difference state intestacy laws can make. The only way to insure that after your death your property will go to the beneficiaries of your choice, when you want them to receive it and in the way that you want them to receive it is to make an estate plan.
Contact an estate planning law firm for further information.
